As the mining process has gotten simpler and less time-consuming over the years, blockchain innovation has reached new heights.
The pi cryptocurrency is a crypto initiative that attempts to provide users with a new form of payment that has all of Bitcoin’s advantages while avoiding its drawbacks. Pi now has no value officially but it’s IOU on Exchanges has a huge potential to outperform even Binance Coin (BNB) and can only be mined using a smartphone and a single button, which raises a lot of questions for many people.
How things will change in 2023
The Pi Network was created by Kokkalis and Chengdiao Fan of Stanford University. They began working on it in 2018 with the intention of producing digital money for everyone, and on March 14, 2019, they released a white paper and the Pi Network App. Since the crypto market has frequently been linked to excessive energy consumption because of energy-intensive technologies, which is evidence of activity that hurts the environment, the project promises to be ecologically friendly, which attracts investors who care about the environment.
To mine pi: The pi network software is utilized. The mining technics requires a user to press a button on their phone every 24hours. To join the App, users must obtain invitation code from a member or choose to skip. Pi network has a referral system in place that allows users to earn Extra coin base on how many people registered using their invitation code.
The native coin will not be deployed until phase four of the project when the pi network mainnet is activated according to the white paper. The developers has not given any indication of the released date how widespread speculation is looking at March 14th 2023.
How does the pi network function?
The Pi network differs from other cryptocurrencies and rewards users for their participation in the network via a special method known as the stellar consensus mechanism. The Federated Byzantine Agreement, a revolutionary technology that enables a collection of computers to reach an agreement without the need for a central authority, is the foundation of the Pi ecosystem. Compared to previous approaches like Proof-of-Work and Proof-of-Stake, the SCP is intended to be more secure, scalable, and efficient.
The roles on the pi network:
1. Miners: who mine pi by tapping the pi button are known as pioneers as of today there 35 million pioneers
2. Contributors: A network participant who gives a list of Trust worthy users in exchange for an incentive
3. Ambassadors: those who get a bonus for referring new users to the network using their referral code .
Why is 2023 going to be a big year for pi network?
- The pi network team wants to create a fully operational network that is ready for wide-scale adoption by 2023, which is why the first reason is that pi network is currently creating its infrastructure. This will be a significant milestone for the project and open up many new applications for the pi network.
- The second reason is that the community of the Pi Network is now being established. The Pi network has a sizable and active user base, which will be a major accomplishment for the project and aid in making the network long-term sustainable.
- The third reason is that Pi Network is currently strengthening its cooperation. This will contribute to the network’s long-term success.
- The fourth reason is that the ecosystem of the Pi Network is currently being developed. This will be a significant milestone for the project and ensure the network is valuable and useful to a wide range of users. They hope to have a number of various Application v services built on top of the network.
- The potential for widespread adoption is another factor that will make 2023 a significant year for the pi network. The need for decentralized and secure payment will only increase as the world becomes increasingly digital.
